May 27 (Bloomberg) — U.S. stocks advanced, lifting the Standard & Poor's 500 Index to a new intraday high, after durable goods orders unexpectedly rose and JBS SA offered to buy Hillshire Brands Co. for $6.4 billion.
Hillshire jumped 21 percent as JBS's Pilgrim's Pride Corp. unit made an unsolicited bid for the maker of Jimmy Dean sausages and Ball Park hot dogs. Pfizer Inc. added 0.9 percent after abandoning its attempt to buy AstraZeneca Plc. Bank of America Corp. climbed 3.1 percent after resubmitting its capital plan to the Federal Reserve. Cisco Systems Inc. rose 1.2 percent as Deutsche Bank AG analysts recommended buying the shares.
The S&P 500 rallied for a fourth day, increasing 0.4 percent to 1,908.98 at 10:08 a.m. in New York. The Dow Jones Industrial Average gained 59.21 points, or 0.4 percent, to 16,665.48. The Nasdaq Composite Index added 0.7 percent and the Russell 2000 Index jumped 0.9 percent.
"Macro data like the durable number today will continue to do better in the second half of the year," Daniel Skelly, an equity strategist at Morgan Stanley Wealth Management in New York, said in a phone interview. His firm had more than $1.9 trillion in client assets at the end of first quarter. "That'll be positive for the market."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
